October 2023 Regina Real Estate Market Update

Regina Real Estate Market Update October 2023

SASKATCHEWAN REPORTS STRONG SEPTEMBER SALES DESPITE LOWEST INVENTORY LEVELS SEEN SINCE 2009
Saskatchewan

Saskatchewan reported 1,295 sales across the province in September, a year-over-year gain of 2.5 percent and 6.3 percent above long-term, 10-year averages. While year-to-date sales have eased compared to last year, Saskatchewan continues to report sales well above long-term trends.

Supply challenges continued across the province in September, as inventory levels were over 12 percent lower than levels seen last year and nearly 32 percent below the 10-year average. As inventories improved in higher-priced properties, much of the inventory decline is once again being driven by homes priced below $400,000, as the more affordable segment of the market remains highly competitive.

“As seen in previous months, significant supply challenges continue to persist across Saskatchewan, specifically in the more affordable segment of our housing continuum,” noted Association CEO, Chris Guérette. “Inventory challenges and higher lending rates are, without question, impacting sales activity across the province, but relative affordability paired with strong economic growth is supporting above-average sales in our market.”

Strong September sales and ongoing supply challenges translated to 4.8 months of supply across the province, the lowest level reported in September since 2009. The provincial benchmark price reached $328,000 in September, up slightly from $327,800 in August and 1.1 per cent above September 2022.

“Provincial prices remain stable as price gains in Saskatoon, Prince Albert, and Yorkton offset price declines in Regina and Swift Current in September,” said Guérette. “Ultimately, real estate is local, and conditions vary across the province. That said, supply challenges in the lower-priced, more affordable segment of our market remain a significant concern provincially.”

City of Regina
The City of Regina reported 305 sales in September, a year-over-year increase of 7.4 percent and 15 percent above long-term, 10-year trends.

Strong September sales were met with a decline in new listings, contributing to further inventory declines. With 3.2 months of supply, conditions have not been this tight in the Queen City since 2011.

Despite strong monthly sales and tight market conditions, the City of Regina reported a benchmark price of $308,700 in September, down from $313,100 in August and $319,200 in July.

Data and quotes from SRA (Saskatchewan REALTORS® Association).